Visa CEO Charles Scharf to step down

SAN FRANCISCO – Visa CEO Charles Scharf announced his resignation Monday because personal circumstances created a situation where he was not able to spend enough time in the company's San Francisco headquarters to do the job effectively.

Scharf will step down on Dec. 1 and will be replaced by Alfred Kelly, 58, Visa said. Kelly is a member of Visa’s board and a former president at American Express Co.

Kelly will join Visa on October 31, 2016 as CEO designate. Scharf will serve as an advisor to him during the transition, the company said.

In a statement provided by Visa, Scharf said he has loved working at and running the company.

“I am sad to have reached the conclusion that I should step down, but running a San Francisco-based company just doesn’t work for me personally right now and wouldn’t be fair to Visa,” Scharf said.

The nature of the personal issue that make it difficult for him to continue to work in San Francisco was not addressed in the statement.

In a memo to Visa employees obtained by the Wall Street Journal, Scharf said his daughters and parents all lived on the East Coast. Scharf himself lived in New York prior to moving to San Francisco for the position at Visa.

The company's stock (V) was down 1.41% on after hours trading on the news.